The Symphonie Spike Forex system is a marvel to many forex traders and it is quite profitable. It is a good choice for the forex beginners.
The Symphonie Spike Forex System is set for use with timeframe above 15 minutes. The tighter or smaller the time frame that you choose, the higher the frequency of the signals given. Therefore the scalpers can also use this trading system by using timeframes less than H1 but not less than 15 minutes.
The Symphonie Spike Forex System can be used to trade all currency pairs of your choice. It has no restrictions as to which currency pairs to trade and which not to trade. However, for the sake of making huge profits, you should consider choosing major currency pairs since they are more volatile and they have larger daily ranges.
This trading strategy uses a combination of indicators which include the symohnie spike and the market emotion indicators.
The Symphonie Spike indicator is the one that gives buy and sell signals. The buy signal are indicated at the bottom while the sell signal are indicted at the top. The Market Emotion indicator on the other hand is the one that gives a confirmation of the sell and buy signals that are given by Spike indicator.
Fig.1. The Symphonie Spike Forex System.
The two indicators are combined into one template. Therefore, when you load the template on you trading chart, the two indicators will be displayed. However you will have to first copy the two indicators into your indicators folder of the metatrader platform that you are using.
How to use the Symphonie Spike Forex System to trade
For you to place a buy or a sell order, there are some conditions that you will have to look for. These conditions include:
- Conditions for placing a buy order:
For you to place a buy order, you have to ensure that the symphonie spike touches the bottom red dotted line and the market emotion should display a dodger blue colored bar.
Then for you to exit/close the buy order you should wait for the Market Emotion bars to turn to red. However if you are not in front of the chart 24/7, you can place a profit target ratio of 1:2; i.e. the ratio of the take profit to stop loss is 1:2.
- Conditions for placing a sell order:
For you to place a sell order, you have to ensure that the symphonie spike touches the top dotted line and the market emotion should display red bars.
Fig.2. Placing a sell order using the Symphonie Spike Forex System.
Then for you to exit/close the sell order you should wait for the Market Emotion bars to turn to dodger blue. However if you are not in front of the chart 24/7, you can place a profit target ratio of 1:2; i.e. the ratio of the take profit to stop loss is 1:2.
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